Renowned cryptocurrency analyst PlanB has expressed confidence that Bitcoin (BTC), the flagship of the crypto market, will surpass six figures this year. The senior analyst also revealed his targets for Bitcoin in 2024.
Through social media platform X, PlanB shared predictions for 2024 with his followers, claiming that his views have remained unchanged since the depths of the bear market in late 2022. One of his predictions is a target of $100,000 for Bitcoin in 2024.
PlanB is known for applying his versions of the stock-to-flow (S2F) model, originally used for traditional commodities, to Bitcoin. He suggests that based on the S2F model, BTC could approach half a million dollars within the next few years, potentially by 2025.
The expert analyst expects Bitcoin to close 2023 at $42,258, a 156% increase from $16,528 in 2022, and anticipates readiness for ETFs and the halving event in 2024.
Despite expecting a higher price peak for Bitcoin in 2021, PlanB admits that price models may have overshot at the time. However, he remains confident that the general predictions of the S2F models will materialize over time, leading to significantly higher prices for BTC in the coming years.
PlanB forecasts that Bitcoin will exceed $100,000 in 2024 and could surpass half a million dollars by 2025, basing his prediction on the traditional stock-to-flow model. At the time of writing, Bitcoin is trading at $45,110, representing an approximate 169% increase compared to the previous year.
